Del Monte in Manila’s first dual listing

Philippine food and beverage producer Del Monte Pacific said in a filing to the Singapore Stock Exchange on May 30 that it will list its shares also on the Philippine Stock Exchange in Manila on June 10 in what is the first dual listing on both bourses.

Del Monte Pacific, which is not affiliated with US-based Del Monte Foods but majority owned by the Campos family of the Philippines, owns the Del Monte brand in the Philippines and also owns another premium brand, S&W, for Asia, the Middle East, Europe and Africa. It has the largest market shares for canned pineapple juice and juice drinks, canned pineapple and tropical mixed fruits, tomato sauce, spaghetti sauce and tomato ketchup in the Philippines and operates the world’s largest fully integrated pineapple processing facility.

Currently, 21 per cent of Del Monte Pacific are held by public shareholders. 79 per cent of shares are held by NutriAsia, which, in turn, belongs to the Campos Group of Companies.

Del Monte Pacific is perceived by analysts as a healthy dividend stock. The company has a stated policy of paying a minimum of 33 per cent of a year’s net profit, although this has been exceeded in past payouts.

In 2012, Del Monte Pacific said its sales climbed 8 per cent to a record $459.7 million while its net profit rose to $32.1 million.

The company listed its shares at an IPO price of 1.07 Singapore dollars in 1999. As of May 31, 2013, the share price stood at 0.89 Singapore dollars.

Philippine food and beverage producer Del Monte Pacific said in a filing to the Singapore Stock Exchange on May 30 that it will list its shares also on the Philippine Stock Exchange in Manila on June 10 in what is the first dual listing on both bourses.

Del Monte Pacific, which is not affiliated with US-based Del Monte Foods but majority owned by the Campos family of the Philippines, owns the Del Monte brand in the Philippines and also owns another premium brand, S&W, for Asia, the Middle East, Europe and Africa. It has the largest market shares for canned pineapple juice and juice drinks, canned pineapple and tropical mixed fruits, tomato sauce, spaghetti sauce and tomato ketchup in the Philippines and operates the world’s largest fully integrated pineapple processing facility.

Currently, 21 per cent of Del Monte Pacific are held by public shareholders. 79 per cent of shares are held by NutriAsia, which, in turn, belongs to the Campos Group of Companies.

Del Monte Pacific is perceived by analysts as a healthy dividend stock. The company has a stated policy of paying a minimum of 33 per cent of a year’s net profit, although this has been exceeded in past payouts.

In 2012, Del Monte Pacific said its sales climbed 8 per cent to a record $459.7 million while its net profit rose to $32.1 million.

The company listed its shares at an IPO price of 1.07 Singapore dollars in 1999. As of May 31, 2013, the share price stood at 0.89 Singapore dollars.